Actually if you are asking this question then be assured that this will be the most important question for your bright financial future. Almost 90% of people who are in deep debt are not even bothered to ask this question.

I decided to take an unsecured consolidation loan because of 3 main reasons.

* The biggest advantage will be that it does not require collateral i.e. I would not lose my home if I fail to comply with the loan terms due to any reason. * Getting an unsecured loan is much easier than a secured one since it involves less paper work. It also takes lesser time to process these types of loans as it does not involve any collateral. * The most amazing advantage of an unsecured loan is that I can include the unsecured loan under bankruptcy when I default and can still save my home since no collateral is required here. However, if I file a bankruptcy and I also have a secured loan where I have used my home as collateral, I may end up losing my home.

Warning: Take your own decision based on your current financial condition and do not go my decision about taking an unsecured consolidation loan.